The US Treasury department is proposing changes to streamline banking regulators, aiming for a stronger role in overseeing the country’s largest lenders. This move aligns with President Donald Trump’s strategy of expanding presidential power and control over independent agencies.
According to reports, the recommendations could impact the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC). The Treasury department has been pushing for greater control over these regulators, which is part of its broader effort to reshape the financial industry.
This push for greater control follows other assertive measures taken by the Trump administration. Notably, the Consumer Financial Protection Bureau (CFPB), a key consumer watchdog, has largely been dormant since it was ordered to halt all activity.
The OCC has already made significant changes, including firing 76 probationary employees last month. The Treasury department’s proposal could further consolidate power in Washington, prompting concerns about regulatory oversight and independence.
As the process moves forward, officials will need to consider the implications of these changes on the banking industry and the broader economy.
Source: https://www.reuters.com/world/us/us-treasury-department-prepares-streamline-banking-regulators-semafor-reports-2025-03-24